A recent KPMG case study showing how F&A is uniquely positioned to harness the power of “extreme automation” and influence the strategic direction of their companies. As noted in the study, “the role of finance is evolving from a transaction processing, historical reporting focus to a more active business partner responsible for driving growth and profitability within the organization.”
This opportunity is driven, at least in part, by innovations in cloud-based solutions like Sigma IQ and by the need to leverage the latest SaaS finance technologies, based on A.I. The cloud presents an opportunity for the finance organization to be more nimble via infrastructure that is scalable, flexible, faster to implement and ultimately more cost effective.
F&A and Operations teams have a unique opportunity to drive core strategies in the business and reduce costs through financial automation.
In the last few years, cloud-based applications like Sigma IQ have quickly become a viable model to modernize and transform F&A and Operations teams. Most providers of financial systems are focusing their investments on the cloud, so that’s where CFOs need to look first.
And unlike traditional, on-premise financial systems and data warehouses, transformative solutions like Sigma IQ have been built from the ground up with today’s requirements in mind: to leverage technologies like A.I. to dramatically increase the efficiency of F&A and Operations teams
“More than 80% of finance and accounting executives believe AI leads to a competitive advantage, and 79% believe it will increase their company's productivity, according to a recent MIT-Boston Consulting Group survey of more than 3,000 business executives.”
– Journal of Accountancy
Sigma IQ’s Matching Engine uses artificial intelligence to completely automate the reconciliation process, removing the need for a team of accountants to reconcile transactions. Whether thousands or millions of transactions, Sigma IQ’s proprietary patent-pending AI-powered matching engine maximizes match performance and accuracy without the need for manual rules or updates.
Importantly, advanced solutions like Sigma IQ are cloud-based, meaning teams implement account reconciliation tools with no implementation costs and get up and running in less than a day. This means you can start reconciling and provides you with a positive ROI from day one.
Also, data security remains a critical goal. Since technologies like Sigma IQ are built on top of modern advancements in technology, COSO 13 security controls are part of the design from day one, keeping security and compliance at the forefront.
By using Sigma IQ, your finance team can achieve the following cost savings:
As more and more finance teams continue to automate their financial operations, AI-based reconciliation platforms like Sigma IQ, will dramatically reduce the time and cost associated with month-end-close.